Cimarex Energy Company (XEC) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $38.19 million, or $ 0.40 a share in the quarter, against a net loss of $630.51 million, or $6.78 a share in the last year period. On an adjusted basis, net profit for the quarter stood at $56.68 million, or $0.60 a share compared with a net loss of $23.04 million, or $0.25 a share in the last year period.
Revenue during the quarter grew 22.77 percent to $382.16 million from $311.28 million in the previous year period. Gross margin for the quarter expanded 165 basis points over the previous year period to 93.10 percent.
Operating income for the quarter was $89.80 million, compared with an operating loss of $992.10 million in the previous year period.
Operating cash flow declines
Cimarex Energy Company has generated cash of $599.22 million from operating activities during the year, down 13.34 percent or $92.27 million, when compared with the last year.
The company has spent $692.41 million cash to meet investing activities during the year as against cash outgo of $1,008.60 million in the last year. It has incurred net capital expenditure of $670.18 million on net basis during the year, down 28.55 percent or $267.83 million from year ago.
The company has spent $33.32 million cash to carry out financing activities during the year as against cash inflow of $690.62 million in the last year period.
Cash and cash equivalents stood at $652.88 million as on Dec. 31, 2016, down 16.23 percent or $126.51 million from $779.38 million on Dec. 31, 2015.
Working capital drops significantly
Cimarex Energy Company has witnessed a decline in the working capital over the last year. It stood at $446.95 million as at Dec. 31, 2016, down 33.08 percent or $220.91 million from $667.86 million on Dec. 31, 2015. Current ratio was at 1.86 as on Dec. 31, 2016, down from 2.63 on Dec. 31, 2015.
Debt remains almost stable
Total debt of Cimarex Energy Company remained almost stable for the quarter at $1,487.94 million, when compared with the last year period. Long-term debt of Cimarex Energy Co remained almost stable for the quarter at $1,487.94 million, when compared with the last year period. Total debt was 31.78 percent of total assets as on Dec. 31, 2016, compared with 28.33 percent on Dec. 31, 2015. Debt to equity ratio was at 0.63 as on Dec. 31, 2016, up from 0.53 as on Dec. 31, 2015.
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